Whole Life Insurance Rate: Choosing The Right Option
Life is the greatest value one may possess. So irrespective of gender, age, occupation and health, insuring life is always a good idea. However, it is not about simply setting aside some money. The policy should be smart enough to secure one's dependants, loved ones, and also accumulate some wealth over time. For these purposes, a big range of insurance policies exist, such as: whole life insurance, also known as the permanent, and various insurance policies that work over strict time span-the so-called term insurance. Among all these options, the whole life insurance is the best, and for several good reasons.
First, the whole life insurance works over entire lifetime, which is obviously to a client's benefit. Second, it does not to be renewed over time. And especially for people 50 years old or older, this is a lucrative choice. Of course, whole life insurance rates vary greatly for any given situation but, for instance, a 50-year-old female, in good health and non-smoker, would pay almost 600 USD in premiums monthly for a 500,000 USD whole life insurance plan. This looks a little bit expensive, but then, this is not only about whole life insurance rates, this is also about getting a safe saving deposit. This happens because paying premiums consistently over time provides some cash value. So yes, whole life insurance rates may be high, but it's worth it.